P2E Icon

Battle For Giostone Deep Dive

Michail Palierakis

Michail Palierakis

May 24, 2023

Executive Summary

  1. Company/Game Summary: M-Tech created Battle For Giostone, a Web3 5v5 MOBA game. Their mission is to combine gaming with the benefits of blockchain technology, such as asset ownership and a rewarding gameplay experience.
  2. Investable Currency and NFT  Pricing: The game features $BFG, an on-chain token, and $GIOS, an off-chain in-game currency.
    • You can use $BFG for marketplace transactions (buying and selling heroes, skins, and modifiers), leaderboard prizes, Esports rewards, revenue sharing, betting on our platform’s Esports teams, and Compendium purchases and upgrades.
    • Players can earn GIOS, a non-blockchain token, by playing the game, which helps minimize blockchain interactions. You can use $GIOS to forge new Heroes and purchase cosmetics from the in-game shop. $GIOS will also be available to convert to $BFG, with a relatively low conversion rate to avoid $BFG inflation.
  3. Game status: Battle For Giostone is currently in closed alpha.
  4. Device availability: The game is currently available only for PC, through the official website and the Elixir platform.
  5. Blockchains: The game launched on the Avalanche blockchain, an ideal blockchain for gaming due to its community and low-cost, high-speed transactions.
  6. Management Background:
    • Mile Gramatikov (Founder, CEO): Mile has been a gamer since he was 13 years old, and is passionate about NFTs, blockchain, and E-Sports. He has also worked with Sky Mavis on community protection. 
    • Theeban Siva (Co-Founder): Sivatheeban “1437” Sivanathapillai is a Canadian professional Dota 2 player who has been to 8 Internationals. He also won Axie Infinity’s V2 Season 20, AxieCon, and Origins Seasons 0, 1, and 2. He is also the winner of Axie Infinity’s Season 20.
    • Mitko Solakov (Co-Founder, COO): Mitko has been the COO of M-Tech for the last three years. His skills range from analytics, sales, and marketing experience to advertising knowledge and business development expertise. He graduated from FON University and has been organizing e-sport tournaments since 2018.
    • Ana Toseva (Co-Founder, CTO): Ana is an experienced IT Technician with a demonstrated history of working in the entertainment industry. Skilled in Vue.js, ASP.NET AJAX, Java, JavaScript, and SQL. She graduated from the Faculty of Computer Science and Engineering of Skopje.
    • Kiril Lisickov (Co-Founder, QA): Kiril has worked as Affiliate Manager at TopLeadsCPA for almost two years. He is now the Front-End developer of M-Tech, and has created the Discord bot “Jack.BFG”. Kiril has strong gaming tournament experience, both as a participant and as an organizer.
    • Stefan Savevski (Head of Growth): Stefan has 5+ years of experience as a freelance content writer and copywriter for brands like NordVPN and ClickFunnels. He holds a Bachelor’s in Electrical Engineering and IT and a Master’s in International Finance.
  1. Fundraising: The team has raised $1.35M from various fundraising rounds.
  2. Actionable Items: Currently, you can purchase $BFG through the Trader Joe DEX.


Battle For Giostone is a MOBA game on the Avalanche network. M-Tech, a computer industry start-up with various ongoing projects, created the game.

The game’s main feature is a 5v5 arena, where you can play with your personal customized Hero. You can choose between six different classes and four of the total 72 abilities to create a Hero that suits your playing style. Each ability corresponds to a specific equipment type, which also changes the appearance of your Hero.

You can also choose a free-to-play option, where you can select from 10 rotating Heroes every week and earn rewards. Additionally, you can purchase a Hero NFT to unlock the collection of resources that you can trade with other players.

Each match lasts a maximum of 30 minutes. If no main structure is destroyed after 25 minutes, the game transfers all players to a size-shrinking field. The winner is declared in a Battle Royale style through a sudden death match.

Interestingly, the game’s name comes from a valuable lootable item that drops from Gio. Gio is a dragon living on the battlefield. Killing Gio drops the Giostone, an item that whoever possesses is granted with increased attributes. The Giostone is dropped upon death, allowing other players to claim it. In each match, you can kill Gio three times. If one team holds all three Giostones, they gain additional attributes and stronger creeps.

You can also play a Story Mode option where you earn materials for the Forging Machine, a feature used to produce new Heroes.

The game is currently in open alpha development.


Battle for Giostone is built on the Avalanche Network. You can download it from the Battle For Giostone website or play it through the Elixir platform. The gameplay and other aspects of the game may change slightly as we approach the full game release.


The team conceived the game’s concept in March 2021 and assembled the following month. In July 2021, the team hired developers and artists. By October 2021, the team completed the pre-production phase of the PC game and had a game design document (GDD) in place. This document outlined the overall game mechanics, story, and art style, providing a clear direction for the team to follow.

In Q1 2022, the team developed the $BFG ERC-20 token, launched the official website, and started developing the $BFG staking platform. At the same time, the PC game entered the production phase. 

In the second quarter of 2022, the team secured a seed round of funding, launched the official forum, and released a closed MVP (minimum viable product) of the game, giving a sneak peek of what was to come. 

In Q3 2022, The team released a closed alpha. This allowed players to provide feedback and make necessary changes before the game’s official launch. The team also launched the NFT ERC-20 token and began preparations for E-Sports, a competitive element of the game.

As the project moved into its final stages, the team conducted a token sale for $BFG in the fourth quarter of 2022, while addressing the token’s listing on CoinMarketCap.

Investors (VCs)

Battle For Giostone is backed by the main drivers of the Avalanche gaming ecosystem:

  • Blizzard Fund
  • Avalaunch
  • Ava Labs

Based on CryptoRank, BFG has conducted several funding rounds, raising a total of $1.35M.

User Stats / Social Stats

Since the game is still in alpha, the game’s numbers are not yet publicly available. Looking at the project’s social channels, BFG has about 11K Twitter followers, with a similar amount of Discord members. Their main esports event, the Primal Giostone League, has amassed more than 30,000 unique viewers. The game itself has attracted more than 5,000 players.

Market Stats / Tokenomics

As the Marketplace is still not public, we will focus on the game’s tokenomics, distribution, and unlocking schedule.


The main currency of the game is Battle For Giostone ($BFG). The token serves various purposes as a medium of exchange:

  • Buying and selling Heroes, skins, and modifiers in the marketplace
  • E-Sports and leaderboards rewards
  • BFG Staking 
  • Betting on E-Sports teams
  • Compendium purchases and upgrades.

Various sources contribute tokens to the BFG Treasury, including 3.75% (1.25% goes to the M-Tech team) of all NFT marketplace transactions and the $BFG fee for Forging, with more income sources in the future.

The total supply of $BFG is 150M. These tokens are locked and will be unlocked over time. Let’s see how to tokens are distributed:

At the time of writing, the price of $BFG is $0.0567, showing a slight drop during the last month.


GIOS is an off-chain token you earn for in-game activities. You can use $GIOS to forge new Heroes and purchase cosmetics from the in-game shop. When you convert GIOS to $BFG, the process initially draws from the Ecosystem fund, which will continue for the first five years. Afterward, the Treasury will take over, and various activities like marketplace fees, E-Sports, and compendium purchases will constantly replenish it. Additionally, the developers are working on an AI algorithm that will forecast the upcoming week’s Forgings and adjust the required amount of GIOS to Forge a Hero. This adjustment aims to safeguard against inflation and deflation.

Genesis Mint Collection

They released a collection of 7,000 Genesis Hero NFTs for minting. These Genesis Heroes will provide you with some notable benefits. Additionally, for every 10 Genesis Heroes, you are rewarded with Special Modifiers. These may increase your staking APY, drop skins, reduce forging time, refresh energy, and other in-game perks. Other benefits of owning a Genesis Hero NFT are:

  • BFG Staking: The BFG team has proposed to share part of the revenue generated by the game with Genesis Hero holders who stake $BFG tokens. This is a way to reward gamers who invest their time and effort into playing the game. This means that as the game grows in popularity and generates more revenue, the Genesis Hero holders who stake $BFG tokens will also benefit from this growth. This can create a sense of community and loyalty among the player base, which can lead to a more engaged and dedicated player base.

  • Rewards: The Genesis Heroes come with 1 $BFG token staked inside, and holders can choose to stake up to 50,000 $BFG tokens in their Genesis Hero or delegate it on the Staking Dashboard. The Battle For Giostone team has allocated a total of 10,000,000 $BFG tokens to reward stakers. Additionally, during the promotional period, early $BFG stakers will have the opportunity to claim$ BFG tokens daily and enjoy up to 100% APY.

  • Exclusive skin: Owning a Genesis Hero in Battle For Giostone also grants you a unique skin inside the game. This skin can be used for the corresponding Hero Class, and there are millions of combinations that you can forge with your skins.

Genesis Heroes can be either Hoarders or Forgers. Owning a Hoarder Genesis Hero gives you a 10% increase in $GIOS tokens per match, with an additional increase of 1% for owning more than one Heroes, up to a max of 20% in total. This makes Hoarder NFTs ideal for players who want to earn more tokens.

Moreover, owning a Forger Genesis Hero grants a 10% decrease in the $GIOS tokens needed to forge a new Hero. Each additional Forger Genesis Hero owned decreases the $GIOS tokens needed to forge new heroes by 1%, up to a maximum of 20% in total.

Game Mechanics

In Battle For Giostone, two teams of five players compete against each other in a multiplayer online battle arena (MOBA). The goal is to destroy the enemy base for the first 25 minutes. After that, if the game is tied, you are teleported to a different location. The new fighting arena starts shrinking, forcing all players to fight. The last team remaining in the Battle Royale is the victor.

During the match, you can purchase items and consumables from your team’s base to increase your stats or gain other benefits. You can keep these items in your inventory or store them in your team’s stash, which can hold up to three items or consumables at a time.

In addition to the Base and Stash, there are two shrines on the map (one for each team) that can heal your HP and Mana without having to return to your base. However, the opposing team can destroy these structures, rendering them unavailable for a period of time.

Finally, you will collect $GIOS tokens as you play the game, but you must win to keep them at the end of the match. The game divides the tokens among the five players of the winning team.


Your Hero’s base stats include Strength, Agility, and Intelligence, with each one applying various effects on your Hero:

  • Strength: Represents a Hero’s damage, maximum health, and health regeneration.
  • Agility: Affects a Hero’s evasion, attack speed, and armor.
  • Intelligence: Determines the Hero’s mana regeneration, spell amplification, and maximum mana.

You control a character (Hero) with a set of unique Abilities. Every Ability has a separate class which can be any of the six Hero classes:

  • Melee Warrior
  • Ranged Warrior
  • Melee Assassin
  • Ranged Assassin
  • Melee Wizard
  • Ranged Wizar

 An Ability’s position can be one of the following:

  • First (Arms)
  • Second (Legs)
  • Passive (Body)
  • Ultimate (Head)

Each hero can have a unique Ability in one out of 4 slots, represented by an equipment type. The total number of abilities in-game is 72. The same ability can not be in two slots at the same time. If an Ability is of the same class as the Hero, their stats will increase; otherwise, their stats will decrease.


The game has three different lanes that you can take to reach the enemy base, each with its specific playing style. Once you have determined the best lane for each member of the team, you can begin strategizing accordingly based on your playstyle and team composition.

On the map, various structures and monsters can be found:

  • Creeps: These are units that periodically spawn from each lane, adding an additional layer to the match’s progress.
  • Shrines: They are located throughout each lane, providing a way for players to restore their health and mana without needing to travel back to the base. However, players can only use the shrine located on their half of the map. Shrines can also be destroyed to slow the enemy team’s progress.
  • Towers: Towers are placed strategically throughout each lane and will attack any enemy hero that comes within range. To reach the enemy base, players must destroy all enemy towers in the lane they are traveling on.
  • Gio: The dragon Gio is a unique character that can spawn three times during a match, either at the top left or the bottom right of the map. Defeating the dragon Gio drops a Giostone, which serves as a power-up to the Hero that runs over it and picks it up. If the Hero carrying the Giostone gets killed, the stone drops and can be taken by another Hero that runs over it. If one team collects all three Giostones, they receive a team buff, while stronger creeps spawn from the team’s base.


We identify the following Metas in BFG:

  • 5v5: If you own a Hero NFT, the main playing and earning activity in BFG will certainly be the 5v5 matches, which will allow you to earn $GIOS with a daily limit. Top leaderboard players will also earn additional $BFG and $GIOS based on their rankings.
  • Story Mode (PVE): When the Story Mode is released, you may choose to play the PVE mode, which earns the resources necessary to forge Heroes. By doing so, you may take advantage by trading these resources in the marketplace for profit.
  • Forge: With the required resources in your inventory; you may forge new Hero NFTs that you will be able to sell to other players in exchange for $BFG. The Marketplace also allows for trading cosmetic skins and abilities.
  • E-Sports: The game focuses strongly on its competitive aspect, encouraging the most skilled players to battle it out in various tournaments and leagues for great prizes.
  • $BFG Staking: The Revenue Sharing program pays stakeholders a percentage of the game’s revenue based on the amount of locked $BFG tokens.
  • Collecting and trading modifier drops and other rare yield-boosting items.

Investment and Earning Opportunities

We believe BFG will attract four different personas. Here we’ll discuss how each can get involved.

  • A non-participant investor who wants upside without playing the game: In this case, you will want to be an early investor, possibly accumulating $BFG for staking, and expect the token’s price to increase over time.
  • Crypto whales that can afford expensive NFTs: As a whale, you can benefit from $BFG staking to earn rewards, as well as forging or buying undervalued Hero NFTs to sell in the marketplace. Cosmetic skins may also provide some trading opportunities.
  • The gamer who wants to play and earn: You will need a Hero NFT to start playing. Based on your skills you will earn rewards while ranking higher in the leaderboard, or earn resources in Story Mode which you’ll be able to trade in the marketplace.
  • Net spenders: If you’re into investing in the NFTs available in BFG, you can consider buying Hero NFTs, as well as rare cosmetic skins, abilities, modifier drops, and other yield-boosting items. You will be able to sell in the marketplace to other players for a higher price.


Based on the project’s roadmap, here’s what we expect in the following months for BFG:

In the first quarter of 2023, BFG launched the Primal Giostone League, the official competitive league for the game. Players compete for prizes and prestige, with matches being broadcast on Twitch and YouTube. Additionally, the $GIOS utility token will launch, allowing you to earn rewards for your in-game activity. The Heroes Sale will also take place, offering you the chance to purchase new Heroes with unique abilities. The Marketplace release will allow you to trade in-game items, while the Betting Platform release will enable players to bet on matches and tournaments.

Moving into the second quarter of 2023, Battle For Giostone will start working on a mobile version of the game. This will allow players to enjoy the game on the go, expanding the player base and increasing accessibility. Further details about the mobile version of the game will be announced in the coming months.

Key Takeaways

  • The game will most likely draw the attention of Dota2 and LoL players.
  • The game’s earning mechanics represent healthy and sustainable token management, aiming to withstand inflation.
  • Skill is the most important factor of success.

Key Risks

  • The game is still in an alpha phase which makes it difficult to fully assess the game.
  • The sustainability of the in-game economy is a risk.
  • With hundreds of Web3 games being built and released, the competitive environment is a key risk. 
Subscribe to our P2EAnalytics Newsletter

Get the latest news and updates from P2EAnalytics delivered to your inbox.

Related Posts

Research Article

Cover Image for Market Insights – Web3 Gaming

Market Insights – Web3 Gaming

Top games by market cap, gainers and losers, fundraising, new games and launchpad sales.


Ephraim Austin
Cover Image for Nike NFTs on EA Titles, Game Stop and Telos Blockchain, Fenix Games Partners with Immutable

Nike NFTs on EA Titles, Game Stop and Telos Blockchain, Fenix Games Partners with Immutable

These are the stories that shape Web3.


Jethro Sandico

Get Web3 Smart. Subscribe to our daily digest.

You can unsubscribe any time. By subscribing, you agree to our Privacy Policy & ToS.